The global temperature sensors market was valued at USD 5531.9 million in 2017 and is expected to reach a value of USD 8503.1 million by 2023 at a CAGR of 7.37%, over the forecast period 2018-2023.

Consumer electronics is one of the most prominent markets for the use of temperature sensors. The trending wearable gadgets, such as bands and smartwatches, advanced ultra-thin personal computers and tablets, and smart home gadgets, make use of temperature sensors to work efficiently.

The significant advantages of these sensors are that they do not require lots of computation power. They are energy efficient, and becoming smaller and smaller with each iteration of the products released into the market, making them ideal for wearables while providing a broad range of potentially valuable applications in the future.

Since the idea of fourth industrial revolution, Industry 4.0, initiated at Hannover Fair, production platforms started adopting digital solution, more than ever in the history of automation. The sales of industrial robots are one of the most visible factors proving the rapid factory automation trend. In 2016, industrial robot sales increased by 16% to 294,312 units, a new peak for the fourth year, in a row. In a recent review on the industrial robots, IFR states that between 2011 and 2016, the average robot sales increased by 12% every year, and that the number of robot installations had never increased so profoundly before.